Rupee extends gains; up 5.8% in five sessions

Thursday, 12 September 2013 00:00 - - {{hitsCtrl.values.hits}}

REUTERS: The rupee rose to a three-week high on Wednesday, extending gains for a fifth session, with corporates selling the dollar as the Indian currency continued its recovery. The rupee’s sharp recovery has been aided by the easing of geopolitical concerns, with an attack on Syria appearing less imminent, and the announcement of a series of steps to attract inflows by the new Central Bank Governor, Raghuram Rajan. Dealers cited large dollar inflows from a private petrochemical company as well as some likely dollar selling related to Mylan Inc’s $ 1.6 billion deal to acquire a unit of Strides Arcolab Ltd. Foreign institutional investors (FIIs) bought $ 421.15 million worth of shares on Tuesday, bringing their total to nearly $ 800 million over the previous four sessions. The partially convertible rupee closed at 63.38/39 per dollar compared with 63.84/85 on Tuesday. It rose to 63.0575 in session, its best level since 19 August. The rupee has now recovered 5.8% over the last five sessions, its longest winning streak in a year, since Rajan took over as the central bank chief on 4 September and unveiled a raft of steps including allowing banks to borrow more overseas and offering a concessional swap facility to banks to raise deposits from overseas Indians.

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